Stock Ratings / Financials / MBWM / financials

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Mercantile Bank Corporation (MBWM) Revenue-to-Profit Sankey Flow & SEC XBRL Financials

$60.65 +0.53% NASDAQ • Live Quote vs Prior Daily Close (Synced Snapshot)

Mercantile Bank Corporation (MBWM) carries a Roarable Rating of D+ (Sell) with 58/100 RQD Confidence due to weak cash-flow efficiency and sensitivity to current interest rates. Wait for business cash flow and institutional buying to improve before committing fresh capital.

ROARABLE D+ • SELL / AVOID Cap $1.05B

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INTERACTIVE SCENARIO DECK:

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RQD QUANT TACHOMETERSELL / AVOID • D+

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Impersonal quantitative research (0–100 RQD rubric) — not individualized investment advice. Past performance does not guarantee future results. Full Disclaimer

5-PILLAR SNOWFLAKE RADARRw D · Rk B-

Each axis scored 0–20

12M PRICE TARGET CONE+0% Base Target

WHALE OPTIONS SNAPSHOT: — (No Active Options Snapshot on file for MBWM)Realized 20D OHLCV Swing Band: ±4.8%

VISUAL REVENUE-TO-PROFIT SANKEY WATERFALL • FY 2025 (10-K)

How MBWM Turns Every Dollar of Sales Into Real Bottom-Line Profit

Free Cash Flow:$18.0M (0.4% FCF Margin)

Multi-Year SEC EDGAR XBRL Revenue, Net Profit & Free Cash Flow Trajectory

■ Revenue■ Net Profit■ Free Cash Flow

FY23

Rev $4.00B

FY24

Rev $4.00B

FY25

Rev $4.00B

Fiscal Year	Revenue	Gross Margin	Op Margin	Net Profit	Free Cash Flow	ROIC %
FY 2025	$4.00B	52%	0%	$88.8M	$18.0M	12.2%
FY 2024	$4.00B	52%	0%	$79.6M	$101.1M	12.2%
FY 2023	$4.00B	52%	0%	$82.2M	$66.6M	12.2%

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Red-Light Warning Desk: Spotting SEC Cash-Flow & Dilution Risks Before Downgrades (Featuring MBWM)

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MBWM // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +18.20%📐 HORIZONTAL RANGE

2026-10-30O $60.95H $61.29L $59.67C $60.65VOL 114.4K

RES: $63.49SUP: $56.46SMA50: $59.74SMA200: $55.42

PRIMARY-SOURCE FORENSICS, SECOND-ORDER LINKS & AI ANALYST DESK

MBWM Dilution Monitor, Expectations Hurdle, Butterfly Connections & Policy Exposure

🦋 MBWM Butterfly Map → + Track MBWM →

Share Count & Dilution Monitor (#25)

Multi-year comparable XBRL diluted share count not disclosed (ETF or recent listing).

Reverse-DCF Expectations Hurdle (#30)

2.2%/yr Implied 5Y Growth

vs. +6.0% actual YoY revenue growth (assuming 9.25% cost of equity & 16.5x terminal multiple).

Ellis Vennor Setup Ledger (#33)

No active Ellis Vennor swing setup published on MBWM today. View full Setup Ledger →

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No direct multi-tier Butterfly edges indexed yet for MBWM. Explore sector supply chains on /butterfly.

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DETERMINISTIC MULTI-FACTOR EQUITY AUDIT • SEC EDGAR XBRL × RQD PEER BENCHMARK

📊 Quantitative Sector Peer Comparison, SEC Filing Delta & Investment FAQ (MBWM)

Financials Rank #611 of 1096 ⚔️ CCNE vs MBWM Full Matrix →

1. Head-to-Head Financials Peer Comparison (MBWM vs. CCNE, MCBS, BFST, EGBN)

Industry: Major Banks (248 Tracked Issuers)

Across 1096 tracked Financials securities in the Roarable RQD universe, Mercantile Bank Corporation (MBWM) ranks #611 by composite RQD confidence (58/100, grade D+) and #543 by equity capitalization ($1.05B). Within this direct 5-issuer industry benchmark cohort, MBWM leads on earnings valuation at 11.8x trailing P/E, while MCBS leads on capital efficiency and profitability with 12.6% ROIC and — gross margin. BFST currently holds the highest overall quantitative score in the immediate peer group at 69/100 (C+) compared with MBWM at 58/100 (D+).

Ticker / Company	Roarable Grade	RQD Score	Trailing P/E	Gross Margin	ROIC	1D Change	Market Cap	Head-to-Head
MBWM ACTIVE Mercantile Bank Corporation	D+	58/100	11.8x	—	12.2%	+0.53%	$1.05B	Benchmark Subject
CCNE CNB Financial Corporation	C+	67/100	16.0x	—	7.6%	+0.56%	$1.05B	/ccne-vs-mbwm →
MCBS MetroCity Bankshares Inc.	C	65/100	15.1x	—	12.6%	+0.59%	$1.04B	/mcbs-vs-mbwm →
BFST Business First Bancshares Inc.	C+	69/100	11.8x	—	9.8%	+0.41%	$1.03B	/bfst-vs-mbwm →
EGBN Eagle Bancorp Inc.	D	45/100	—	—	-12.2%	+1.30%	$1.02B	/egbn-vs-mbwm →

2. Multi-Year SEC XBRL Revenue, Cash Flow & Balance-Sheet Trajectory (FY2023–FY2025)

SEC EDGAR 10-K • FILED 2025-12-31 • CIK 0001042729

In its most recent audited fiscal period (FY2025, filed 2025-12-31), Mercantile Bank Corporation (MBWM) reported GAAP revenue of $0 (N/A vs. FY2024 revenue of $0 ) , GAAP net income of $88.8M, operating cash flow of $18.0M, and free cash flow of $18.0M (-82.2% YoY). On the balance sheet, MBWM closed FY2025 with $6.84B in total assets against $0 in total debt (Altman Z-Score: N/A, Piotroski F-Score: 4/9).

Fiscal Period	Filing Date	Revenue	Net Income	Operating Cash Flow	Free Cash Flow	Total Assets	Total Debt
FY2025 (FY)	2025-12-31	$0	$88.8M	$18.0M	$18.0M	$6.84B	—
FY2024 (FY)	2024-12-31	$0	$79.6M	$101.1M	$101.1M	$6.05B	—
FY2023 (FY)	2023-12-31	$0	$82.2M	$66.6M	$66.6M	—	—

3. MBWM Data-Verified Investor FAQ (RQD Rating, Sector Peers, SEC Forensics & Technicals)

✓ SCHEMA.ORG FAQPAGE JSON-LD ENABLED

Is MBWM stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

As of 2026-11-01, Mercantile Bank Corporation (NASDAQ: MBWM) is rated D+ (Sell / SELL) by Roarable's 5-pillar RQD engine with a composite confidence score of 58/100 at a spot price of $60.65 (+0.53% 1D, market cap $1.05B). Pillar breakdown: Fundamental Cash Engine 7/20, Institutional 13F & Options Flow 9/20, Executive Insider Alignment 13/20, FRED Macro Regime Fit 15/20, and SEC Balance-Sheet Forensics 14/20. Across 1096 tracked Financials issuers, MBWM ranks #611 in composite RQD confidence.

How does MBWM compare to CCNE and MCBS in the Financials sector?

Within the Financials sector (Major Banks), MBWM carries a Roarable D+ (58/100 RQD), trailing P/E of 11.8x, gross margin of —, and ROIC of 12.2%. By comparison, CCNE (CNB Financial Corporation) holds a C+ grade (67/100 RQD, P/E 16.0x, ROIC 7.6%, cap $1.05B) and MCBS (MetroCity Bankshares Inc.) posts a C grade (65/100 RQD, P/E 15.1x, ROIC 12.6%, cap $1.04B). Among the 5-stock peer group, MBWM leads on earnings multiple (11.8x) while MCBS leads on capital efficiency (12.6% ROIC).

What are the biggest fundamental strengths and SEC risk factors for MBWM?

Per MBWM's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0001042729), Mercantile Bank Corporation generated $0 in revenue, $88.8M in net income, and $18.0M in free cash flow against $6.84B in total assets and $0 in total debt. Key quantitative strengths: Company leadership has skin in the game with net positive insider conviction.. Primary risk factors monitored: Broader market pullbacks can still drag down strong stocks in the short run.. Institutional options positioning shows a 50% call / 50% put premium split.

Where is MBWM trading relative to its 50-day, 200-day, and 52-week technical levels?

MBWM last traded at $60.65 (+0.53% on volume of 84,407 shares), positioning the stock +1.52% above its 50-day simple moving average ($59.74) and +9.44% above its 200-day simple moving average ($55.42). Across its 52-week range of $43.00 to $62.95, MBWM sits at the 88.5% percentile with a 14-day RSI of 51.6 (NEUTRAL RANGE) and an implied next-earnings move of ±4.8% ($57.74 to $63.56).

MBWM Investor FAQ & Complete 8-Part Research Index

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How profitable is Mercantile Bank Corporation (MBWM)?

In FY 2025 (10-K), MBWM converted $4.0B of revenue into a 52% gross margin, 0% operating margin, and $18.0M in free cash flow (0.4% FCF margin).

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